At a briefing in Johannesburg on Wednesday‚ CEO Madoda Mxakwe said the SABC had suffered a net loss of R622-million for the 2017-2018 financial year‚ making it "technically insolvent" and unable to fulfil its financial obligations.

For the 2016-2017 financial year the broadcaster recorded a loss of R977-million‚ and R411-million in 2015-2016.

"Minister of finance Tito Mboweni has agreed to meet and engage on the state of the SABC and the turnaround plan within the next three weeks to find solutions to the current financial challenges confronting the SABC.

“The shareholder to date has not consented to the current process of retrenchments currently being pursued by the board and management of the SABC‚" she said.

When asked if action had been taken against those found to be responsible for the current struggles of the broadcaster‚ she said: "We are pleased that the current board and executives are acting on the recommendations and outcomes of the various investigations that pronounced on the SABC‚ specifically the public protector‚ the special investigative unit and parliamentary inquiry reports."